Friday, August 22, 2014

PS wants the Insurance Institute of Portugal to clarify the situation … – Reuters

PS wants the Insurance Institute of Portugal to clarify the situation … – Reuters

The PS complained today the Insurance Institute of Portugal, the market regulator, a clarification on the ‘financial position’ of Tranquility, also complaining details about the value of a possible sale to Apollo, news today advanced by the Business Journal.
 

“No one realizes how this time [the Tranquility] worth only EUR 50 million. Who is doing the business on behalf of whom, and to what extent are safeguarded monies that were injected in the New Bank? “said Socialist leader Oscar Gaspar speaking to Lusa.

The American Apollo will invest around € 200 million to stay with Tranquility, a value that includes an injection of 140 million euros in the insurer, told Lusa source close to the negotiations. The Business Journal had advanced the amount of EUR 50 million related exclusively to the sale of insurance.

Oscar Gaspar recalls that until recently was “perfectly possible BES do understand that the insurance company or other insurance “but” today is not so. “

” After August 03, we are talking about an entity that has the 4.9 billion bailout fund. Any operation should be superiorly legitimized “, advocates the responsible for the financial affairs of the PS, who, in these matters,” the rush is a bad counselor. “

” Why is it now in a few weeks, in two, three weeks ago this unbridled rush to sell Tranquility? “asks the socialist, speaking at a value less than desirable, comparing for example with the recent sale of 80% of the insurance CGD (CGD) for the Chinese group Fosun billion euros .

According to a source close to the negotiations contacted by Lusa, negotiations for the purchase of insurance “come since January 2014″ and “the price that is in question is similar to what had been appointed” at the beginning of the talks.

“The value of the transaction is approximately EUR 200 million and includes a capitalization of 140 million euros to strengthen capital and improve the solvency ratio” of Tranquility, said the same source.

The Insurance Institute of Portugal, asks the PS, “must come quickly say what the financial situation of Tranquility” because on the table is not only the sale of the insurer but also values for capitalization.

The transaction should be completed “within the next few weeks” and will, according to the source close to the negotiations, “take a stronger financial and solvency basis” to Tranquility, which belonged to Espírito Santo Group (GES) and will be sold by the New Bank.

The news of the sale of Tranquility Apollo was released today by the Business Journal.

The Apollo Managment International, American background was in the race to the privatization of insurers Box

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